The Cayman Alternative Investment Summit, an internationally recognised event bringing together the world’s leading institutional investors, will provide opportunities for attendees to learn from and network with global alternative investment leaders. The event takes place from 8:00 a.m. Thursday, February 12, to 6:30 p.m. Friday, February 13, at the Ritz-Carlton Grand Cayman, Cayman Islands.
A New Vision for a New Age
The third-annual event, titled “A New Vision for a New Age,”will highlight the core areas of change in alternatives and chart the progress over the rest of the decade. The summit is expected to attract 500-plus executives from prominent pension plans, endowments, family offices, hedge funds and more.
Keynote addressees will include: Governor Arnold Schwarzenegger; Sir Richard Branson of the Virgin Group; Nouriel Roubini of Roubini Global Economics; John Maudlin, the New York Times best-selling author; and Lord Michael Hastings, Vice President of UNICEF UK.
The summit will feature workshops, panel discussions and networking opportunities. Summit topics will address three critical areas including improving client expectations and deliverables, enhancing investment capabilities and promoting a better alignment of interests.
Speakers will include: Jim McCaughan, CEO of Principal Global Investors; Matt Botein, Global Head of Alternative Investments, BlackRock; David Bonderman, CEO of Texas Pacific Group; Mark W. Yusko, CEO of Morgan Creek; and Max Darnell, CIO, First Quadrant.
WHAT:
Cayman Alternative Investment Summit, “A New Vision for a New Age”
WHEN:
February 12-13, 2015
WHERE:
Ritz-Carlton Grand Cayman, West Bay Rd, Cayman Islands
Foto cedidaFoto cedida por Pinta Miami. EFG Capital, principal patrocinador de PINTA Miami
Celebrating its eight edition, and its first one in Miami, Pinta is proud to announce EFG Capital as its main sponsor. EFG has a strong presence in Latin Americas represented by EFG Capital, the main wealth management subsidiary in the United States of EFG International, based in Miami. The sponsorship offered by EFG to Pinta coincides with its progressive and firm growth in Latin America. EFG as a main sponsor at PintaMiami continues to show actively its attention and support towards the development and establishment of Latin American art and design within a global platform, confirming EFG’s interest in promoting artists and recognizing Miami as a center axis between Latin and North American markets.
On the occasion of its 8th edition, Pinta— the only curated boutique fair devoted to the art of Latin America, Spain and Portugal, sets sail from The Big Apple, expanding its horizons, and settung for the first time in Miami City from December 3-7, joining its energy to this vibrant art week, alongside Art Basel Miami Beach.
Since its creation in 2007, Pinta has distinguished itself from the rest of the art fairs for its specific profile, defining its proposal geographically, placing its bet on quality while focusing on Latin American art identities and issues, and inviting mainstream galleries and artists with the aim of offering an international platform for the dissemination of art from Latin America and the Iberian Peninsula.
Pinta director, cultural manager and editor, Diego Costa Peuser, identifies the need for growth of the art market of Latin American and the Iberian Peninsula, and offers this platform to acknowledge the city of Miami as a new venue to consolidate the fair and to continue the promotion of Latin American and Iberian artists, fostering their expansion towards a global context.
Currently, contemporary art from Latin America, Spain and Portugal has gained an important place – in biennials, museums and institutions all over the globe. From its first edition to the present, Pinta has stood out for the quality of its curatorial staff and its collaboration with specialized institutions and organizations.
Tuesday, December 2: 6pm – 9pm: By invitation only Wednesday, December 3: 5pm – 8pm Preview Thursday, December 4: 11am – 8pm Friday, December 5: 11am – 8pm Saturday, December 6: 11am – 8pm Sunday, December 7: 11am – 6pm
Foto: Coleccionista de Instantes, Flickr, Creative Commons. Los activos en fondos UCITS y no UCITS en Europa sobrepasan los 11 billones de euros por primera vez en la historia
The European Fund and Asset Management Association (EFAMA) has published its latest quarterly statistical release which describes the trends in the European investment fund industry during the third quarter of 2014.
The combined assets of UCITS and non-UCITS surpassed the EUR 11 trillion mark for the first time ever to end the quarter at EUR 11,057 billion.
UCITS recorded increased net inflows of EUR 130 billion in the third quarter of 2014, up from EUR 126 billion in the second quarter of the year. This marked the third successive quarter of UCITS net sales surpassing the EUR 100 billion mark.
So far in 2014, UCITS attracted EUR 405 billion in net inflows, more than double the EUR 178 billion attracted over the same period in 2013.
Long-term UCITS, i.e. UCITS excluding money market funds, continued to register strong net inflows of EUR 117 billion, albeit down compared to EUR 148 billion in the second quarter.
Demand for bond funds remained high in the third quarter (EUR 47 billion compared to EUR 56 billion in the second quarter). Net sales of balanced funds also posted strong net inflows during the quarter (EUR 52 billion compared to EUR 56 billion in the second quarter). On the other hand, equity fund net sales fell to EUR 14 billion, from EUR 24 billion in the second quarter, owing to rising geopolitical and economic uncertainties during the quarter.
Money market funds posted net inflows of EUR 13 billion in the third quarter, against net outflows of EUR 22 billion recorded in the second quarter.
Total net assets of UCITS increased by 4.3 percent during the third quarter to stand at EUR 7,807 billion at end September 2013. Net assets of balanced funds increased 5.9 percent during the quarter, followed by bond funds with growth of 4.7 percent. Net assets of equity funds registered growth in assets of 3.3 percent. Money market funds also registered a rise in assets of 4.1 percent during the quarter.
Total net assets of non-UCITS increased by 3.1 percent in the third quarter to stand at EUR 3,250 billion at end September 2013. Assets of special funds reserved to institutional investors grew by 3.3 percent during the quarter.
S&P Dow Jones Indices announced the launch of the S&P Brazil Sector Gross Domestic Product (GDP) Weighted Index. The Index is designed to measure the largest and most liquid stocks listed on the BM&F Bovespa weighted proportionately to the published Brazilian sector GDP figures.
“Brazil’s equity market is highly concentrated in financial services and natural resource companies, thus traditional market capitalization weighted equity indices are not representative of the Brazilian economy,” says Michael Orzano, Director of Global Equity Indices at S&P Dow Jones Indices.
“By weighting the constituents according to their GDP sector weights, the S&P Brazil Sector GDP Weighted Index provides investors with a transparent benchmark that reflects the growing, dynamic industries underrepresented in market cap weighted indices.”
The underlying universe for the S&P Brazil Sector GDP Weighted Index is all stocks from the S&P Brazil Broad Market Index (BMI). The Global Industry Classification Standard (GICS®) sector for each of the 100 unique companies is mapped to the following Brazilian GDP sectors: Agriculture, Industrials, Financial Services and Non-Financial Services. The sectors are then weighted according to their annual GDP figures.
Credit Suisse, in collaboration with Brandeis University’s Institute on Assets and Social Policy (IASP), has published “Wealth patterns among the top 5% of African-Americans,” a study on wealth creation and wealth management among the nation’s wealthiest African-Americans as measured by net worth.
The study shows that the top 5% of African-Americans invest a greater proportion of their wealth in lower-volatility assets relative to a white comparison group, including insurance, savings bonds and CDs. It also shows proportionally higher investments in real estate, and proportionally lower investments in business assets.
The research was sponsored by Credit Suisse’s New Markets business, which seeks to advance financial opportunity among women, African-Americans and the LGBT community.
“This study identifies distinctive investing behaviors within the African-American community and a number of potential drivers of these behaviors,” said Pamela Thomas-Graham, Credit Suisse’s Chief Marketing and Talent Officer and Head of New Markets. “The findings may also reflect what we know from adjacent data, which is that African-Americans are generally under-served by banking institutions. The Commerce Department, for example, has published data showing that minority business owners receive loans less frequently, at significantly smaller sizes, and at worse rates than non-minority business owners.”
Highlights of the report include:
The top 5% of African-Americans take a relatively conservative approach to decision-making on matters of wealth creation and wealth management. For example:
The investment portfolios of the top 5% of African-Americans are three times more heavily weighted towards CDs, savings bonds and insurance than the investment portfolios of the study’s white comparison group, and are nearly one-half less weighted towards stocks, bonds and mutual funds.
The top 5% of African-Americans invest 9% of their non-financial assets in business assets, defined as the total value of business(es) in which a household has either an active or non-active interest. The study’s white comparison group invests 37% of their non-financial assets in business assets.
The top 5% of African-Americans invest 41% of non-financial assets in real estate outside their primary home, relative to 22% for the study’s white comparison group.
“Wealth mobility” – the degree to which a population maintains wealth over time or moves into wealth over time – is relatively low among African-Americans and may be a driver of more conservative financial decision-making. IASP’s research shows that around 57% of high-income African-American families in 1984 were still in the top segment of income in 2009, but 8% had fallen into the low-income segment. For high-income white American families, 73% remained in the high income segment and only 1% fell into the low income segment. This analysis is a new analysis of the 1984-2009 data.
Education is a key driver of wealth among the top 5% of African-Americans. Almost 69% of African-Americans at the 95th percentile of net worth have a college degree, compared with 64% for the study’s white comparison group.
“The numbers in our report provide rich and detailed insights,” said Stefano Natella, Global Head of Equity Research and one of the study’s authors. “Wealth at the top of the African-American community, what drives it and how it compares to specific control groups has not been studied with this comprehensiveness in some time.”
Evercore has announced that Connecticut Insurance Commissioner Thomas B. Leonardi has agreed to join the firm as a senior advisor with a focus on the insurance industry sector. Mr. Leonardi has nearly 40 years of experience as an investment banker, venture capitalist, attorney, and insurance company president, and is widely regarded as a leading expert on systemic risk, group supervision, and international regulatory issues.
Roger Altman, Evercore’s Executive Chairman, said, “At a time of intense regulatory changes in the insurance industry, both here and abroad, Tom’s professionalism, knowledge and experience, coupled with his personal character and integrity, will prove invaluable to a wide range of Evercore clients.”
Ralph Schlosstein, Evercore’s Chief Executive Officer, said, “We are delighted to welcome Tom to Evercore. His deep knowledge of the sector, broad experience and relationships across the industry will further enhance Evercore’s leading global insurance advisory franchise. Tom will work closely with our teams in New York and London and joins an insurance practice that has an excellent track record of success and has built an outstanding reputation for high quality, specialist advice and creativity. We look forward to continuing to build on this success with Tom’s technical expertise, strong understanding of the regulatory environment and global perspective on the industry.”
Thomas Leonardi said, “The insurance industry continues to go through a period of extraordinary challenges in regulation, global competition, systemic risk designations, storms of increasing frequency and severity, and a prolonged low-interest-rate environment. Evercore has a world-class platform, a team of professionals that are among the most talented and experienced in the business, and a commitment to delivering extraordinary service. Perhaps most important to me, Evercore places the interests of the client above all else and they do all of this while adhering to the highest ethical standards. I look forward to contributing to Evercore’s continued growth and broadening and deepening its client relationships.”
Mr. Leonardi is head of the Connecticut Insurance Department, a regulatory agency with jurisdiction over one of the largest insurance industries in the United States. He has been a member of the executive committee of both the National Association of Insurance Commissioners (NAIC) and the International Association of Insurance Supervisors. He was a member of the U.S. Treasury’s inaugural Federal Advisory Committee on Insurance and was selected to serve on the World Economic Forum’s Global Council on Insurance and Asset Management.
For 22 years prior to his appointment as Commissioner, Mr. Leonardi was Chairman and CEO of Northington Partners Inc., a Connecticut-based venture capital, private equity and investment banking boutique that specialized in the insurance industry. Before Northington, he was head of the investment banking and venture capital divisions of Conning & Company in Hartford, Connecticut; President of Beneficial Corporation’s insurance subsidiaries; and began his career as a litigation attorney in Connecticut. He received a J.D. from University of Connecticut and a B.S in history from Boston University.
A unique survey looking at the financial and emotional toll of losing a spouse -the 2014 New York Life “Loss of a Spouse Study”- finds widows are unprepared for the financial difficulty that the loss of a spouse creates. Following the loss of their spouse, 68 percent of widows reported significant life changes, with financial concerns rising to the top of the list. The burden of these changes amounted to years of undue hardship after the loss.
“The news is unsettling: women are not prepared for the loss of a spouse and the problems are financial and much more,” said Chris Blunt, co-president of the Insurance and Agency Group, New York Life.
The survey examined the repercussions of the loss of a spouse on 897 widows and widowers who were within 10 years of their loss. It focused on how the loss impacted daily life from both a financial and emotional perspective, narrowing in on financial security following the loss and how it may have changed as a result. Additionally, the survey explored the impact that life insurance has on their lives, both at the time of their loss and in the future.
Financial Burden is Real – and Greater for Women
Women suffer the burden of the loss more intensely than men. Forty percent of widows reported negative lifestyle changes the year following the loss, compared to 24 percent of widowers. The financial impact was even greater: two thirds of widows experienced a significant financial change compared to half of widowers. The top five life changes following the loss were financial in nature, with a greater percentage of widows impacted in these financial areas of their lives:
Life Changes Following Loss of A Spouse
Widows
Widowers
Adjusting to a change in income level
55%
34%
Budgeting for one income
46%
32%
Cutting discretionary spending
38%
24%
No longer being able to afford a vacation
22%
13%
No longer adequately saving for retirement
21%
10%
For some widows, the lifestyle changes were even more dire: two in five widows whose spouses did not have life insurance at the time of the loss (39 percent) reported that they were just making ends meet or struggling to meet basic needs within the first year of the loss.
Having a Financial Plan Is Often Not Enough
The majority of women reported feeling secure about their financial situation before the loss – yet after the loss, 59 percent reported they didn’t have enough life insurance in place to feel financially secure. Approximately half of women (47 percent) report that they wish they had some or more life insurance to help cushion the financial impact of their loss.
“These widows learned too late that they were underinsured,” added Mr. Blunt. “The message is clear – life insurance proceeds are important, but the need for that financial security blanket is much greater than what exists in many financial plans.”
Among those whose spouse had life insurance at the time of the loss, the life insurance proceeds lasted almost two and a half years – yet they wished these funds would have lasted more than 11 years longer, for a total of nearly 14 years.
These findings are directly in line with what New York Life’s Life Insurance Gap survey demonstrated last year. The Life Insurance Gap survey of 1,000 Americans age 25 and over with dependents found that many woefully underestimate their life insurance protection needs. It similarly revealed that the amount of life insurance protection in place equaled three years and the amount of protection needed totaled 14 years.
“These consistent findings give us the answer to the question I posed when the Gap survey findings were announced: ‘If families have three years of coverage in place, what happens in year four?’ Widows have given us the bleak answer: years of undue hardship,” added Mr. Blunt.
Real World Advice from Widows
Including life insurance protection, widows reported a wish list – the things they would have done to be better prepared for their loss:
A Wish List When Looking Back
Statement
Percentage
“I wish we had some or more life insurance on my spouse.”
47%
“I wish we had saved more.”
42%
“I wish we had detailed discussions about what might happen financially and otherwise if one of us passed.”
30%
“I wish we had a better financial plan in place.”
28%
“I wish we had organized all our important papers in one central location.”
18%
“This wish list can act as a financial survival guide for couples so they can ensure they are better prepared for a loss,” said Mr. Blunt. “These widows offer us insight into what life has been like for them since the loss: the financial strain for many has been very serious and for almost all the loss has been life changing. These insights should serve as a lesson for couples: there are actions that can be taken now to alleviate the future financial burden that comes with a loss.”
The Manor, Los Angeles. . ¿Cuáles son las 10 casas a la venta más caras del planeta?
From cascading waterfalls and waterslides to bowling alleys and private islands, Billionaire.com’s eye-watering list of the world’s most expensive properties takes extravagant real estate to the next level. Five of the top ten are from the US and include homes in New York and Los Angeles starting from US$ 95 million.
The list was complied from extensive in-house research and consulting the world’s top property firms to find the current most expensive homes for sale.
1. Penthouse at the Tour Odeon Monaco, Monaco
Price: US$388 million
Scheduled for completion in early 2015, the Tour Odeon Monaco will be the second-largest building on the Mediterranean coastline and home to the world’s most expensive apartment; a five-floor penthouse costing US$388. Apartments in the building start at US$36 million and with 35,000 square foot of space, ready to be designed according to buyer taste, the penthouse is a mini-mansion. Outside, a waterslide connects the dance floor to a circular infinity pool, which looks like an enormous floating glass.
Built in 1988 by entertainment tycoon Aaron Spelling and his wife Candy, “The Manor” was bought three years ago by Petra Stunt (Ecclestone). Since then, she has spent US$ 20 million on refurbishments and now has 123 rooms, including a gym, bowling alley and screening room. The Manor sits within 4.7 acres of LA’s most exclusive land and would be the most expensive house ever sold in the US should it meet the asking price.
To be sold privately.
3. Beverly House, Los Angeles, US
Price:US$ 135 million
It famously appeared in the movie The Godfather and was the honeymoon spot for JF Kennedy and his wife Jackie. With almost 365 days of sunshine a year the house is purpose built to take advantage of the Californian temperature, with floor-to-ceiling windows, large cool rooms, an outdoor tennis court, swimming pool and cascading waterfalls. The terrace seats 400 and, given there is also a nightclub in the house, it has all the ingredients for a successful party.
This 30-room Monterey Colonial mansion, designed in 1929 by American architect Reginald Johnson, is surrounded by 237 acres of land in one of America’s most sought-after addresses; Montecito, Santa Barbara. After 100 years the Jackson family estate, with ten residential cottages, horse paddocks and arenas, and 100 acres of cultivated orchards, is finally changing hands. Oak-paneled walls in the formal room, imported from the Jackson’s Manor House in England, are still intact, as is the English whisky pub with a secret door. The house is built on two natural terraces with views down the valley, across the estate and over the Pacific.
The Candy brothers launched this billion-dollar complex mid-way through the recession. Occupying an entire floor, this apartment divides into two wings, known as “The City” and “The Park”. A 65m hallway connects both wings. The Mandarin Oriental hotel provides prospective owners with a 24-hour hotel concierge, spa and recreation facilities, parking and valet, use of a private wine cellar and room service.
Built in 1927, The Sherry-Netherland in Manhattan is a luxury residential hotel co-op with apartments for sale. Apartment 17 occupies an entire floor with seven bedrooms, eight bathrooms and a huge terrace overlooking Central Park and downtown Manhattan. Would-be owners have access to all the hotel amenities, including room service from the Harry Cipriani restaurant downstairs. Caveat emptor: the hotel requires up to US$60,000 of maintenance fees — per month.
7. The Penthouse at The Pierre Hotel, New York, US
Price: US$ 95 million
Once owned by Martin Zweig, a financial analyst who famously predicted the stock-market crash of 1987, this palatial Manhattan penthouse sprawls over three floors. But even if you’ve got a spare US$95 million, interested buyers must be first vetted by the hotel committee to ensure they are up to par. With 16 bedrooms, a grand salon (formerly the Pierre ballroom) and 360-degree views over Manhattan, this has justifiably been called the most spectacular penthouse in the world.
On the shores of Lake Geneva, surrounded by the Dents du Midi mountain range in the UNESCO-protected vineyards of the Lavaux, is the former Palace Mont-Pelerin. This was renovated into 24 über-modern apartments, the penthouse of which costs US$94 million. A key to one of these apartments gives you lifetime membership for the Lavaux Golf Club, a 10-year membership for the Mirador Country Club and the services of lifestyle group Quintessentially for one year. Kempinski Hotel services, the use of a Rolls-Royce, butler, wine cellar, Davidoff cigar lounge and Givenchy Spa come included in the price tag.
This house comes with its own private island and with space for 22 guests and 29 staff; it’s the place to relax in the hands of others. A self-generating power source, fuel, telecommunications system and a large vegetable garden make the house almost entirely self-sufficient. On top of this it is only a one-hour flight from Palm Beach and completely tax-free, so, if you’re a tax exile with green fingers it might well be a perfect match.
The front door of this North London redbrick mansion opens to a grand entrance hall with an overhanging chandelier, balustrade and marble fireplace. The decor is bleeding-edge “nouveau”, with every conceivable luxury, including indoor pools, steam rooms and a cinema. Upstairs, the master bedroom with adjoined dressing room has a large half-moon-shaped window, which opens up to a view down the garden and across London.
The Managed Funds Association (MFA), the global trade association for the hedge fund and managed futures industry, has announced online registration and conference programming for their Network 2015 conference. MFA’s Network conference is the industry’s premier business development conference, focused on connecting fund managers and investors to discuss important investment trends and policy issues facing the industry. Network 2015 will convene at the InterContinental Hotel in Miami, Fla., on January 26-28. Early registration is now available online.
“We are building on the overwhelming success of last year’s conference by enhancing the networking and business development opportunities for our participants and expanding our programming as well,” said Managed Funds Association President & CEO Richard H. Baker. “We are confident that Network 2015 will be a catalyst for continued growth within the hedge fund, global macro and managed futures fund space.”
MFA’s Network conference provides an exclusive experience, including a cutting-edge educational agenda and unique investor-led roundtable discussions focused on the most critical issues facing the industry today, including: the rise of liquid alternatives, environmental, social and governance (ESG) investing, the role of risk in modern asset allocation, and critical themes associated with raising funds and creating new products and distribution channels. Network also provides a one-to-one ratio of the world’s foremost managers and investors, including pensions, endowments, family offices, wealth managers, funds of funds and distribution partners.
This year’s conference continues the successful partnership between MFA and lead sponsors Credit Suisse, Deutsche Asset & Wealth Management, J.P. Morgan and, new for 2015, KPMG. Hedge Fund Research has also partnered with MFA to provide investors with detailed statistics on managers who will be attending the conference. The collaboration with these sponsors has enabled MFA to expand and enhance networking opportunities for conference attendees. Participants will also be able to once again utilize MFA’s digital concierge platform, MFAConnect, to arrange meetings with investors and managers prior to the conference and also reserve private Manager Suite meeting spaces. Through these offerings, MFA enables participants to arrange and schedule meetings in advance to make efficient use of their time in Miami while also offering exclusive, one-on-one, meeting space for asset allocators and fund managers. Suites can also be reserved during registration.
“Every year we tap into the tremendous insight and vision offered by our members and partners to align our conferences with the needs and goals of those attending.We are grateful for the input and support of all our conference supporters and look forward to the most comprehensive Network conference yet,” said Mr. Baker.
Over the next several weeks, MFA will post additional announcements related to registration and conference programming on the Network 2015 website. Registration is free for investors and allocators. Managers also have a discounted rate available to them through January 2, 2015. Advance registration for all participants closes on January 26, 2015; onsite registrations are available as space allows.
. Morgan Stanley WM lanza una unidad para servir a deportistas y figuras del entretenimiento
Morgan Stanley Wealth Management has announced the launch of Global Sports & Entertainment (GSE), a new division that will serve the unique needs of veteran and emerging talent and their advisors in the sports and entertainment industries.
“High net worth earners in the sports and entertainment industries have sophisticated wealth management requirements. Our services are provided by a group of experienced Financial Advisors, backed by specialized training and the full resources of a leading, global investment bank, which we believe will set a new standard in the industry,” said Gregory J. Fleming, President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management.
An inaugural group of Financial Advisors across the country has been chosen for their experience working with athletes, entertainers, directors, writers, producers, owners, agents and business managers. These Financial Advisors recently completed an education program, attaining the title of Sports & Entertainment Director. They provide sports and entertainment professionals with access to customized resources and programs, including asset and liability management, philanthropic and lifestyle advisory services, family governance and advanced financial planning, insurance, investment banking and private equity solutions.
GSE is led by Drew Hawkins, a Managing Director and veteran executive who served most recently as a Wealth Management Regional Director. “Sports and Entertainment professionals have unique financial profiles that do not subscribe to conventional planning. With the resources of the Global Sports & Entertainment division, our Directors are equipped to work with talent and their personal advisors – agents, business managers, family and other spheres of influence – to help make smart choices around how they invest, borrow, protect and give.” Mr. Hawkins said.
To help educate emerging talent on financial basics and issues relevant to those pursuing professional careers in the sports and entertainment industries, Global Sports & Entertainment is developing financial education curriculum to be taught in sports, film and music departments across the nation with pilots beginning in early 2015. According to Mr. Hawkins, “We are committed to cultivating money-smart young adults to help curtail issues that may arise from sudden wealth, unpredictable career spans and unintended consequences.”
